NY Common to invest $528m in New York companies

The $153bn pension's in-state private equity programme has $528m remaining out of the $931m committed for investments in New York-based companies.

The New York Common Retirement Fund will hold several regional meetings to identify investments for $528 million available for New York companies through the pension’s in-state private equity fund.

“In today’s economic environment, the temptation for some investors may be to run and hide. But now is not the time to be timid,” New York State comptroller Tom DiNapoli said in a statement. “I have a fiduciary obligation to find sound investments that will provide strong returns. We’ll be traveling the state looking for more in-state investments that will give us a great return on investment and also help New York’s economy.”

The pension will hold its first in-state private equity presentation will be held in New York City on 14 April. Additional events are scheduled for Ithaca on 16 April; Syracuse on 17 April; Long Island on 24 April; Albany on 20 May; Rochester on 2 June; Buffalo on 25 June and Potsdam on 8 September.

The $153 billion pension has committed $931 million to its in-state programme, and the actual investment in New York companies more than doubled to $403.6 million in March 2009 from $195.7 million in December 2006. Since the programme’s launch in 1999, the fund’s investments have leveraged $3 billion in additional investments from other sources. As part of the programme, 43 companies were added to the roster of the in-state private equity programme investments raising the total to 127 companies in March 2009 from 84 in December 2006.

Through the programme, the pension invests with private equity managers who seek to invest in New York state companies that need capital to grow.